Businesses Express Strong Confidence for 2014 and a Focus on New Markets, According to Accenture Research Conducted by the EIU

Business executives are optimistic about business and economic prospects
in 2014, according to new research by Accenture (NYSE:ACN) and the
Economist Intelligence Unit (EIU). Although most plan to drive growth by
prioritizing exports and new products and services, the research reveals
that companies have greater potential to focus their digital investments
on driving growth and reaching new customers.

Of the 1041 C level executives surveyed by the EIU in twenty countries
for the report, “CEO
Briefing 2014 – The Global Agenda: Competing in a Digital World,” 76
percent are optimistic for their own organizations’ prospects in 2014,
significantly higher than the 55 percent who were positive in the EIU’s
2009 research. Respondents in China, Brazil, Canada and Switzerland were
most optimistic about their companies’ prospects. Those in Japan and
France were least positive but, even here, more than 60 percent were
optimistic for their companies’ prospects.

Business leaders are less positive about the 2014 outlook for the
economies where they are based, according to the findings. On average 61
percent are optimistic, with respondents in China, the U.S., Canada and
Spain most positive. Less than half (48 percent and 47 percent) of
Japanese and Korean executives are optimistic about their economies in
the coming year. Only 52 percent of French and 51 percent of Italian
respondents are positive about the prospects of their economies in 2014.
Optimism for the global economy as a whole is more modest, at 44
percent, but the proportion of pessimists has fallen dramatically from
71 percent in 2009 to 15 percent today.

Confidence extends to 2014 business performance. More than three
quarters (76 percent) of respondents forecast revenue growth in 2014,
while 71 percent forecast higher profits. The manufacturing, energy and
pharmaceutical sectors are expected to see the strongest revenue growth,
according to respondents, with aerospace/defence, agriculture and
professional services least likely to.

Extending to New Markets, New Products & Services

Business leaders are increasingly looking to export markets for that
growth, according to the research. Fifty eight percent of the
respondents say their business intends to prioritize investment outside
their home market, versus 42 percent who will focus on the domestic
market. Italy, Canada, China and Japan will have the greatest domestic
focus, while Germany, the UK, Spain and South Korea are most likely to
focus on exports.

Companies seem highly ambitious in terms of their intention to expand
into new markets and product areas. Sixty eight percent of responding
businesses intend to drive growth in their domestic market in the next
three years by focusing on selling new products and services versus 32
percent who will prioritize selling existing ones. In export markets, 70
percent intend to focus on selling new rather than existing products and
services. In both cases, a majority intends to prioritize selling to new
rather than current customers.

“Business leaders are remarkably bullish about 2014, particularly with
regard to ambitions for selling new products to new customers in new
markets. We would caution against such high hopes,” said Brian
Gardner, Senior Editor with the EIU. “These sentiments may reflect a
need to find growth through such routes rather than an ability to do so.
New market entrants, falling consumer demand and industry consolidation
were cited as the top three risks companies are facing.”

Unfulfilled Digital Potential

Digital technologies are seen as important to future prospects. Yet,
although the overwhelming majority of C-level business leaders see
digital technologies as causing significant change in their industry
over the next 12 months, less than one third (31 percent) of respondents
claim their company primarily uses these technologies to drive growth or
to find new ways of reaching customers. Fifty nine percent use digital
technologies to improve process efficiencies and reduce costs.

“The next waves of growth will be increasingly dependent on using
digital to break into new markets, create new customer experiences and
deliver entirely new products and services. But the evidence is that
companies are misdirecting their digital investments,” said Bruno
Berthon, Managing Director, Accenture
Strategy. “If companies are to successfully reach new markets with
new products and services, they will have to shift the balance of their
digital investments from improving internal efficiencies to seizing
market opportunities.”

Human Capital

Confidence in the economic outlook is also spilling over into investment
in people. Sixty five percent of respondents expect their workforces to
grow this year. Three quarters (75 percent) will increase their human
capital investment in 2014, far greater than those increasing investment
in physical and intangible assets. The commitment to human capital is
supported by the finding that investment in education and training tops
the list of factors that respondents believe will improve the
competitiveness of their country.

Regional outlook

When looking at the regional macro-economic picture, confidence is
returning to the EU. Those who think the EU economy will improve and
intend to shift investment to the EU outnumber the pessimists by 55
percent to 45 percent. EU respondents are more optimistic than
outsiders. Sixty eight percent of UK, 75 percent of German and 78
percent of Italian respondents intend to shift investment to the EU in
the next 12 months.

Surprisingly, the global sample is less positive about the U.S. economy,
contradicting EIU forecasts. More are pessimistic and intend to shift
investments away from the U.S. by a ratio of 57 percent to 43 percent
who say the opposite. Only 37 percent of European respondents intend to
shift investments to the U.S. in the next 12 months versus 64 percent of
North American respondents, again demonstrating that executives are more
bullish about their own economies than those overseas.

Despite talk of a slowdown in emerging markets, 57 percent of
respondents expect strong or stable growth there. When asked if mature
economies’ monetary policy (for instance, withdrawal of quantitative
easing by the U.S.) may negatively impact emerging markets, 65 percent
disagree. At the same time, businesses are spreading their interest more
evenly, with 60 percent expecting to shift investment away from the
BRICs (Brazil, Russia, India and China) towards other more rapidly
growing markets.

“Despite the optimism, we must remember that, just as there were pockets
of growth during the downturn, there are specific areas facing
difficulties amid the positive outlook,” said Bruno Berthon. “As Detroit
goes bankrupt, New York thrives. As Greece suffers, Germany and the UK
enjoy strong growth. This report sends two clear signals: get granular
about which markets you are targeting, and aggressively embrace digital
business models to decouple your company’s fortunes from the mixed
macro-economic landscape.”

The EIU conducted a survey of 1,041 C-suite executives drawn from 20
countries around the world. Representing a wide range of industries, all
respondents are board members or C-level executives. The largest group
(36%) of respondents are based in Europe, with 28% based in
Asia-Pacific, 15% in North America and the remainder in the Middle East
and Africa, Latin American and Eastern Europe. Fully 85% of the firms
represented in the survey generate more than US$500mn in annual revenue.
To complement the survey findings, the EIU conducted interviews with a
range of business and thought leaders, including a range of CEOs.

About Accenture

Accenture is a global management consulting, technology services and
outsourcing company, with approximately 281,000 people serving clients
in more than 120 countries. Combining unparalleled experience,
comprehensive capabilities across all industries and business functions,
and extensive research on the world’s most successful companies,
Accenture collaborates with clients to help them become high-performance
businesses and governments. The company generated net revenues of
US$28.6 billion for the fiscal year ended Aug. 31, 2013. Its home page
is www.accenture.com.

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